Putnam Allstate Advisor

Putnam Global Equity Subaccount

The subaccount seeks capital appreciation.

Highlights

Performance

Holdings

Expenses

Fund Description

The subaccount targets midsize and large industry leaders with consistent earnings growth improvement and the likelihood of positive earnings surprises. The fund managers seek companies in the U.S. and abroad with high rates of growth and dominant market share.

Sales Story

Selecting companies around the world that are attractive for investorsEstablished companies: The fund invests in large and midsize companies in the United States and developed international markets to benefit from global opportunities.A flexible strategy: Pursuing Putnam's blend strategy, the fund can own growth- or value-style stocks to participate when either style leads global markets.Building competitive portfolios: The portfolio manager uses fundamental research as the cornerstone of the investment process. This research is supported by quantitative tools and macroeconomic analysis.

‡ Lipper Ranking
as of 02/28/15

Category: Global Multi-Cap Core

Quick Facts
as of 02/28/15

Fiscal Year End

December

Asset Class

Putnam Allstate Advisor

Subaccount Status

Open to new investors

Number of issues

154

Turnover (fiscal year end)

76%

Net Assets

$204M

Inception Date

05/01/90

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Performance
as of 12/31/14

AnnualCumulative

Annualized Performance

Last Quarter

Yearto Date

1 yr.

3 yrs.

5 yrs.

10 yrs.

Life ofsubaccount

Restated performance

Unit Value

-0.70%

0.20%

0.20%

15.72%

9.55%

4.40%

4.95%

Standardized

-9.39%

-8.55%

-8.55%

11.62%

6.16%

1.22%

2.82%

With optional enhanced death benefit

Unit Value

-0.73%

0.05%

0.05%

15.55%

9.38%

4.24%

4.79%

Standardized

-9.42%

-8.69%

-8.69%

11.43%

5.98%

1.04%

2.62%

Actual performance

Unit Value

-0.70%

0.20%

0.20%

15.72%

9.55%

4.40%

1.55%

Standardized

-9.39%

-8.55%

-8.55%

11.62%

6.16%

1.22%

-3.27%

With optional enhanced death benefit

Unit Value

-0.73%

0.05%

0.05%

15.55%

9.38%

4.24%

1.40%

Standardized

-9.42%

-8.69%

-8.69%

11.43%

5.98%

1.04%

-3.51%

Cumulative Performance

Last Quarter

Yearto Date

1 yr.

3 yrs.

5 yrs.

10 yrs.

Life ofsubaccount

Restated performance

Unit Value

-0.70%

0.20%

0.20%

54.98%

57.78%

53.79%

229.32%

Standardized

-9.39%

-8.55%

-8.55%

39.05%

34.84%

12.94%

98.65%

With optional enhanced death benefit

Unit Value

-0.73%

0.05%

0.05%

54.27%

56.58%

51.47%

217.20%

Standardized

-9.42%

-8.69%

-8.69%

38.36%

33.71%

10.91%

89.22%

Actual performance

Unit Value

-0.70%

0.20%

0.20%

54.98%

57.78%

53.79%

27.25%

Standardized

-9.39%

-8.55%

-8.55%

39.05%

34.84%

12.94%

-40.62%

With optional enhanced death benefit

Unit Value

-0.73%

0.05%

0.05%

54.27%

56.58%

51.47%

24.26%

Standardized

-9.42%

-8.69%

-8.69%

38.36%

33.71%

10.91%

-42.83%

Annual Performance at NAV

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

7.43%

21.68%

7.65%

-46.03%

28.35%

8.46%

-6.14%

18.67%

30.33%

0.20%

With optional enhanced death benefit

7.26%

21.50%

7.49%

-46.11%

28.15%

8.30%

-6.28%

18.49%

30.13%

0.05%

Restated performance

Monthly
as of 02/28/15

Unit Value

6.12%

Standardized

-3.04%

YTD
as of 03/30/15

Unit Value

5.49%

Standardized

-3.63%

With optional enhanced death benefit

Monthly
as of 02/28/15

Unit Value

6.11%

Standardized

-3.06%

YTD
as of 03/30/15

Unit Value

5.45%

Standardized

-3.67%

Risk Characteristics as of 02/28/15

Alpha (%)

0.27

Beta

1.08

R Squared

0.92

Standard Deviation (3 yrs.)

11.55

Unit values and performance information shown apply to the specific annuity product listed, not the underlying Putnam Variable Trust fund. This information should not be used by investors who hold an interest in Putnam Variable Trust funds through a different annuity or other variable product. The unit values and performance of other variable products that offer Putnam Variable Trust funds may be higher or lower due to product charges and expenses or other factors.

Data is historical. Past performance is no guarantee of future results. More recent returns may be less or more than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units.

Returns shown for the subaccounts for periods before their inception are derived from the historical performance of the underlying fund, adjusted to reflect the mortality, expense risk, and surrender charges applicable to this product and do not factor in the annual $30 contract maintenance fee. Additional riders and options for insurance-related charges will increase expenses and lower returns. Please see the prospectus for details. For a portion of the period, subaccounts may have limited expenses, without which returns would have been lower.

Putnam Allstate variable annuities are flexible-premium deferred variable annuities issued by Allstate Life Insurance Company (Allstate Life); underwritten by Allstate Distributors, L.L.C., both of Northbrook, IL; and sold through registered representatives or bank employees who are licensed insurance agents. Please check for availability in your specific state.

These policies have limitations and are sold by prospectus only. The prospectus contains details on the variable annuity, the subaccounts, contract features, fees, expenses, and other pertinent information.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus containing this and other information for any variable annuity or variable life product that invests in Putnam Variable Trust funds, contact your financial advisor for a contract prospectus and prospectus for the underlying funds. You may also call Hartford at 1-800-521-0538 or Allstate at 1-800-390-1277. Read the prospectuses carefully before investing.

For the most recent month-end performance, please call Hartford at 1-800-521-0538 or Allstate at 1-800-390-1277.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.

Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

Portfolio allocations will vary over time. The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.

Sales Charges/Fees

Breakpoint

Sales Charge

Dealer Allowance

CDSC Liab

$0
-
$0

0.00%

0.00%

N

CDSC

Year

Percent

1

7.00%

2

7.00%

3

6.00%

4

5.00%

5

4.00%

6

3.00%

7

2.00%

8+

0.00%

International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Variable annuities are long-term investments designed for retirement purposes.Withdrawals prior to age 59 1/2 may be subject to a 10% IRS penalty.

You can lose money by investing in a fund. Any given fund may not achieve its goal, and is not intended as a complete investment program. All funds have risk. The value and/or returns of a portfolio will fluctuate with market conditions. You may have more or less than the original amount invested when you redeem your shares.

‡ Lipper is an industry research firm whose rankings are based on total return performance, vary over time, and do not reflect the effects of sales charges. Past performance is not indicative of future results.

By clicking on links to third-party sites, or using social media sharing tools, you will leave this Putnam Retail Management hosted property. Putnam Investments is not responsible for the content or services offered on linked websites. Use linked websites at your own risk. Carefully review the site's terms of service and privacy rules as they apply to you. Opinions or recommendations on any linked websites are those of independent providers and do not imply a recommendation from Putnam Investments, which is not responsible for inaccuracies or errors.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, contact your financial representative, call Putnam at 1-888-4-PUTNAM (1-888-478-8626), or click on the prospectus section to view or download a prospectus. Please read the prospectus carefully before investing.